SolarPulse
ActiveSummary
SolarPulse has been active since 2009 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €68k and a net result of €367k. Equity remains stable across the filed fiscal years (±0.1% per year). Its solvency ranks better than 15% of 270 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability81▲+36
Solvency27=
Growth32=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €5k at 30 days acceptable
Liquidity ample (current ratio 1.54 against 1.95 in 2024; short-term debt: 29.3% and cash: 31.8% of total assets), but 98.1% of the assets are financed with debt.
Credit check for your own amount and term
Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 35
Relative position
BE, all sectors
reference
Electricity, gas, steam and air conditioning supply (NACE 35)
about 42% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
1.9%
Return on assets
10%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
raises risk · Weak solvency vs sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 15% of 270 sector peers (2025).
NBB · sector comparisonPosition among 270 sector peers
Solvency
better than 15%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 07-07-2026, 24 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
24 d early
2024
31 d early
2023
41 d early
2022
24 d early
2021
31 d early
2020
18 d early
2019
127 d early
← before the deadline
after the deadline →
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
25-09-2026 today31-12-2026 close31-07-2027 deadline
Financials · fiscal year 2025, full schema
Turnover
Not included in this filing
EBIT margin
Not included in this filing
Net result
€367k▲ 1,393%
2024 · €25k
2018: €385khighest in 8 years
2019: €265k▼ -31.0% vs 2018
2020: €317k▲ +19.3% vs 2019
2021: €251k▼ -20.8% vs 2020
2022: €319k▲ +27.2% vs 2021
2023: €279k▼ -12.6% vs 2022
2024: €25k▼ -91.2% vs 2023lowest in 8 years
2025: €367k▲ +1393% vs 2024
2018 → 2025
Working capital
€582k▼ 14.2%
2024 · €678k
2018: €404klowest in 8 years
2019: €524k▲ +29.7% vs 2018
2020: €606k▲ +15.5% vs 2019
2021: €668k▲ +10.3% vs 2020
2022: €698k▲ +4.5% vs 2021highest in 8 years
2023: €696k▼ -0.3% vs 2022
2024: €678k▼ -2.6% vs 2023
2025: €582k▼ -14.2% vs 2024
2018 → 2025
Trend over the years
Multi-year overview
Every figure with its change against the year before
▲ rise
▼ fall
Line20212022202320242025Trend
Equity€68k-€68k=€68k=€68k=€68k=
2021: €68khighest in 5 years
2022: €68k● 0.0% vs 2021highest in 5 years
2023: €68k● 0.0% vs 2022highest in 5 years
2024: €68k● 0.0% vs 2023highest in 5 years
2025: €68k● 0.0% vs 2024highest in 5 years
Operating result€674k-€729k▲ 8.2%€658k▼ 9.7%€274k▼ 58.4%€689k▲ 152%
2021: €674k
2022: €729k▲ +8.2% vs 2021highest in 5 years
2023: €658k▼ -9.7% vs 2022
2024: €274k▼ -58.4% vs 2023lowest in 5 years
2025: €689k▲ +152% vs 2024
Net result€251k-€319k▲ 27.2%€279k▼ 12.6%€25k▼ 91.2%€367k▲ 1,393%
2021: €251k
2022: €319k▲ +27.2% vs 2021
2023: €279k▼ -12.6% vs 2022
2024: €25k▼ -91.2% vs 2023lowest in 5 years
2025: €367k▲ +1393% vs 2024highest in 5 years
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 152% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.67M
Fixed assets
€2.01M ▼ 21.4%
Current assets
€1.66M ▲ 18.9%
Equity and liabilities €3.67M
Equity
€68k =
Debt
€3.61M ▼ 7.3%
Debt's share of the balance-sheet total falls from 98.3% to 98.1%. Debt is lower.
Key figures and ratios
EBITDA
€1.24M▲
2024 · €822k
Cash flow
€916k▲
2024 · €573k
Current ratio
1.54▼
2024 · 1.95
Debt to equity
52.87▼
2024 · 57.04
ROE
538.1%▲
2024 · 36.0%
ROA
10.0%▲
2024 · 0.6%
Interest coverage
5.92▲
2024 · 3.10
Debt ≤ 1 year
€1.08M▲
2024 · €717k
Debt > 1 year
€2.53M▼
2024 · €3.15M
Income taxes
€125k▲
2024 · €8k
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Filed annual accounts As filed with the NBB · 2025 against 2024 · 46 lines
Balance sheet
Code20242025
Assets
Total assets20/58€3.96M€3.67M▼
Fixed assets21/28€2.56M€2.01M▼
Tangible fixed assets22/27€2.56M€2.01M▼
Plant, machinery and equipment23€2.56M€2.01M▼
Current assets29/58€1.39M€1.66M▲
Amounts receivable within one year40/41€139k€139k▼
Trade receivables40€45k€42k▼
Other amounts receivable41€94k€97k▲
Current investments50/53€350k€350k=
Cash at bank and in hand54/58€906k€1.17M▲
Deferred charges and accrued income490/1-€1k
Equity and liabilities
Total equity and liabilities10/49€3.96M€3.67M▼
Equity10/15€68k€68k=
Contributions10/11€62k€62k=
Capital10€62k€62k=
Issued capital100€62k€62k=
Reserves13€6k€6k=
Non-distributable reserves130/1€6k€6k=
Legal reserve130€6k€6k=
Profit (loss) carried forward14€0€0=
Amounts payable17/49€3.89M€3.61M▼
Amounts payable after more than one year17€3.15M€2.53M▼
Financial debts170/4€3.15M€2.53M▼
Amounts payable within one year42/48€717k€1.08M▲
Current portion of amounts payable after more than one year42€586k€625k▲
Trade debts44€69k€33k▼
Suppliers440/4€69k€33k▼
Taxes, remuneration and social security45€37k€52k▲
Taxes450/3€37k€52k▲
Other amounts payable47/48€25k€367k▲
Accrued charges and deferred income492/3€20k€0▼
Income statement
Code20242025
Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630€549k€549k=
Other operating charges640/8€1k€1k▲
Gross operating margin9900€823k€1.24M▲
Operating profit (loss)9901€274k€689k▲
Financial income75/76B€24k€12k▼
Recurring financial income75€24k€12k▼
Financial charges65/66B€265k€209k▼
Recurring financial charges65€265k€209k▼
Profit (loss) for the period before taxes9903€33k€492k▲
Income taxes67/77€8k€125k▲
Profit (loss) for the period9904€25k€367k▲
Profit (loss) for the period to be appropriated9905€25k€367k▲
Appropriation of the result
Profit (loss) to be appropriated9906€25k€367k▲
Profit to be distributed694/7€25k€367k▲
Return on contributions (dividend)694€25k€367k▲
The notes to these accounts (11 items: statements of assets and debts, cost breakdowns, rights and commitments) are not shown here.
Accounts by statement
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €549k | €549k | €549k | €549k | €549k | = |
| Other operating charges640/8 | €1k | €1k | €1k | €1k | €1k | ▲ 6.9% |
| Gross operating margin9900 | €1.22M | €1.28M | €1.21M | €823k | €1.24M | ▲ 50.4% |
| Operating profit (loss)9901 | €674k | €729k | €658k | €274k | €689k | ▲ 152% |
| Financial income75/76B | €0 | €0 | €5k | €24k | €12k | ▼ 52.3% |
| Recurring financial income75 | €0 | €0 | €5k | €24k | €12k | ▼ 52.3% |
| Financial charges65/66B | €339k | €303k | €292k | €265k | €209k | ▼ 21.2% |
| Recurring financial charges65 | €339k | €303k | €292k | €265k | €209k | ▼ 21.2% |
| Profit (loss) for the period before taxes9903 | €334k | €426k | €371k | €33k | €492k | ▲ 1,400% |
| Income taxes67/77 | €84k | €107k | €93k | €8k | €125k | ▲ 1,422% |
| Profit (loss) for the period9904 | €251k | €319k | €279k | €25k | €367k | ▲ 1,393% |
| Profit (loss) for the period to be appropriated9905 | €251k | €319k | €279k | €25k | €367k | ▲ 1,393% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €5.70M | €5.29M | €4.78M | €3.96M | €3.67M | ▼ 7.2% |
| Fixed assets21/28 | €4.21M | €3.66M | €3.11M | €2.56M | €2.01M | ▼ 21.4% |
| Tangible fixed assets22/27 | €4.21M | €3.66M | €3.11M | €2.56M | €2.01M | ▼ 21.4% |
| Plant, machinery and equipment23 | €4.21M | €3.66M | €3.11M | €2.56M | €2.01M | ▼ 21.4% |
| Current assets29/58 | €1.49M | €1.63M | €1.67M | €1.39M | €1.66M | ▲ 18.9% |
| Amounts receivable within one year40/41 | €84k | €46k | €163k | €139k | €139k | ▼ 0.2% |
| Trade receivables40 | €68k | €45k | €160k | €45k | €42k | ▼ 6.5% |
| Other amounts receivable41 | €16k | €648 | €3k | €94k | €97k | ▲ 2.9% |
| Current investments50/53 | €84 | €84 | €1.00M | €350k | €350k | = |
| Cash at bank and in hand54/58 | €1.40M | €1.54M | €506k | €906k | €1.17M | ▲ 29.0% |
| Deferred charges and accrued income490/1 | - | €49k | €0 | - | €1k | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €5.70M | €5.29M | €4.78M | €3.96M | €3.67M | ▼ 7.2% |
| Equity10/15 | €68k | €68k | €68k | €68k | €68k | = |
| Contributions10/11 | €62k | €62k | €62k | €62k | €62k | = |
| Capital10 | €62k | €62k | €62k | €62k | €62k | = |
| Issued capital100 | €62k | €62k | €62k | €62k | €62k | = |
| Reserves13 | €6k | €6k | €6k | €6k | €6k | = |
| Non-distributable reserves130/1 | €6k | €6k | €6k | €6k | €6k | = |
| Legal reserve130 | €6k | €6k | €6k | €6k | €6k | = |
| Profit (loss) carried forward14 | €0 | €0 | €0 | €0 | €0 | - |
| Amounts payable17/49 | €5.63M | €5.23M | €4.71M | €3.89M | €3.61M | ▼ 7.3% |
| Amounts payable after more than one year17 | €4.81M | €4.29M | €3.74M | €3.15M | €2.53M | ▼ 19.8% |
| Financial debts170/4 | €4.81M | €4.29M | €3.74M | €3.15M | €2.53M | ▼ 19.8% |
| Amounts payable within one year42/48 | €820k | €936k | €973k | €717k | €1.08M | ▲ 50.3% |
| Current portion of amounts payable after more than one year42 | €484k | €517k | €551k | €586k | €625k | ▲ 6.5% |
| Trade debts44 | €34k | €39k | €98k | €69k | €33k | ▼ 52.3% |
| Suppliers440/4 | €34k | €39k | €98k | €69k | €33k | ▼ 52.3% |
| Taxes, remuneration and social security45 | €49k | €61k | €46k | €37k | €52k | ▲ 41.5% |
| Taxes450/3 | €49k | €61k | €46k | €37k | €52k | ▲ 41.5% |
| Other amounts payable47/48 | €253k | €319k | €279k | €25k | €367k | ▲ 1,393% |
| Accrued charges and deferred income492/3 | €1k | €0 | €210 | €20k | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €251k | €319k | €279k | €25k | €367k | ▲ 1,393% |
| + Depreciation and write-downs630 | €549k | €549k | €549k | €549k | €549k | = |
| Operating cash flow (approximation) | €799k | €867k | €827k | €573k | €916k | ▲ 59.7% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | - |
| Change in cash | - | €135k | €-1.03M | €400k | €263k | ▼ 34.4% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
07-07
NBB filing
Annual accounts filed
fiscal year 2025 · full schema
2025
30-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €25k ▼91.2%
Net result drops to €25k, the lowest in the series; recovery starts the following year.
20-06
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema
2023
07-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
30-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
13-07
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
26-03
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
14-05
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
04-07
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
12-07
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 16 acts read
About the unread acts
We know of 16 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
16 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Sint-Martens-Latem · 1 establishment unit since 2009
Ground area
1,189 m²
Building footprint
186 m²
Volume, LiDAR
1,123 m³
Parcel 44015A0253/00P002, Flanders · tallest building 8.3 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
Dorpsstraat 40, 9831 Sint-Martens-Latem
since 20092.181.073.209
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 44015A0253/00P002 | Flanders | 1,189 m² | 1 · 186 m² | 8.3 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
1 of these parcels carry protected heritage: expect extra rules on renovation or sale.
Recognitions · licences · registrations
Legal Entity Identifier
875500XADHINISL2XM45
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Of 814 companies in sector 35110 we hold annual accounts for 630. 275 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPublic limited company
Founded09-09-2009
Fiscal year end31-12
Activities, NACEBEL 2025
35110Production of electricity from non-renewable sources
Scores and ratios are computed by Checked and are not a credit decision.